{"id":4412,"date":"2011-06-02T07:29:20","date_gmt":"2011-06-02T12:29:20","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=4412"},"modified":"2011-06-02T07:29:20","modified_gmt":"2011-06-02T12:29:20","slug":"before-the-open-jun-2-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=4412","title":{"rendered":"Before the Open (Jun 2)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mostly down – there were several 1% losers. Europe is currently down across the board – there are a few 1% losers there too. Futures here in the States point towards a flat-to-slightly-up open for the cash market.
\n<\/span>
\nThe US dollar is down…gold, silver and oil are flat.<\/span>
\nYesterday was the market’s single worst day this year. After a couple up days that put the Nas and Russell at higher highs and the Dow and S&P close, the indexes got clobbered. We were looking for follow through and instead got nothing but solid and steady selling pressure all day. Charts of many individual stocks went from looking decent this past weekend to looking ugly all in one day. Nothing I was looking for to confirm a new leg up has played out. The AD line and AD Volume line have reversed down. New highs turned down. New lows turned up.<\/span>
\nThe put\/call ratio hit a level that produced bottoms several times the last couple months, but notice in the chart below the green lines connecting the charts tends to lean forward. Hence the PC tops and then the market bottoms a few days later.<\/span>
\n\"\"
\nBut the ATR has moved up to its highest level since late March.<\/span>
\n\"\"
\nI don’t like to make predictions. I’d rather just read the sign posts and play follow the leader. None of the things I was looking for to confirm a move up happened, so the 1-month downtrend remains in place. More after the open.<\/span>
\nheadlines at Yahoo Finance<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nyesterday’s sector performance<\/a><\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\n